₦airaland Forum

The tech ecosystem in Nigeria is filled with scammers and Grifters who will face no consequences because they live in a country where nobody is held accountable for anything.

There have been 2 cases of financial fraud right in our eyes by these so called tech founders but none of them are in prison because the gate keepers of the ecosystem are also corrupt.

These tech bros and startup founders are good in presentation for fundraising, speak impressive English but many of them have proven that they don't know how to run a business or even bring results.

They inflate metrics and lie to investors everyday for fundraising. Every major tech business is running a 5 million dollars monthly revenue business when in reality they have no users

Another stuff is this, they are expert Grifters.

Once their business fail in fintech, they go after another trending wave like AI and get funding.

Majority of these startups never add value or provide value to the system, these startups are just grifting enterprises to fund the founder lifestyle from investors money.

How about those ones who call themselves programmers by creating half baked codes and creating intentional loopholes to steal from everyone. Scammers in suits pretending as tech bros and startup founders.

Less I forget, there are also tech bros that work for major scammers in the country, some of them work in major fintechs in the country in the morning and at night work for scammers, also they can not differentiate between what is ethical or not..

I pray that all you scamming tech bros and so called start up founders will change from your bad ways.

Your gate keepers keep encouraging your guys and destroying your tech ecosystem system because of greed, I hope you all change.

When you have leaders who knows nothing about techs and trends that is what you get.
Every individual is out there looking for how to outsmart another just to rip them off.

I am not categorically blaming the leaders of the nation though fraud has become a natural phenomenal in the nation. But without knowledge of these things, our leaders fall prey easily to family and friends with dubious intentions.

You should've mentioned their names if a particular one scammed you. SEC is trying in regulating many emerging businesses. Perhaps the Ministry of Communication, Innovations and Digital Economy should have an arm that regulates tech companies in Nigeria.

Ever since MBA Forex stole my money, if you dey tell me investment for Naija, I go dey look you somehow. The only investment I can trust is investment in US companies. Nigerians don't have the mental capacity to manage huge sums of money; they'll just loot everything and elope with their wife, children and side chicks.

Please, mods delete this. This is vague on details. They are finally coming for the startups after ruining the economy.

kettykin:
Please, mods delete this. This is vague on details. They are finally coming for the startups after ruining the economy.

Vague in details you say

Wait till i start calling out the numerous scammers in that ecosystem

More than half of the tech founders in Nigeria are scammers or you think the west does not know about it. One of the biggest tech media in Germany wrote about the fraud in the ecosystem

Or should we talk about that one that ran away to canada and claimed that his wife went to do her masters after stealing investors money and not paying contractors money

or the one that investors wrote to EFCC for diverting funds for personal use and misappropriation of funds. this same person withdrew $9,000 as an “entertainment allowance and also $50,000 for publicity events in Ghana where he spent $100/night in hotels. Spent $1m and was not able to ship any product. and this same guy is a Popular guy in the Nigerian tech scamming ecosystem.

This post is based on ignorance.
It is the character of a startup sector to be unstable.
Startups go under whether through mismanagement, failed ideas or being outclassed by competitors.

I expected the OP to state how he was defrauded but I guess he is angry on behalf of someone else.

Investing in a startup is exactly like gambling.
Only an idiot will gamble their money and then turn around to accuse the operator of scam.

He claimed majority of the startups don't add value without telling us what value means.
It will an aberation for majority to add value, whatever that means because only very tiny
minority is expected to survive in the first place.

So, steer clear of tech startups if you don't understand what you are getting into.
It may be called an investment but it is more of a gamble.

motymop:
Vague in details you say

Wait till i start calling out the numerous scammers in that ecosystem

More than half of the tech founders in Nigeria are scammers or you think the west does not know about it. One of the biggest tech media in Germany wrote about the fraud in the ecosystem

Or should we talk about that one that ran away to canada and claimed that his wife went to do her masters after stealing investors money and not paying contractors money

or the one that investors wrote to EFCC for diverting funds for personal use and misappropriation of funds. this same person withdrew $9,000 as an “entertainment allowance and also $50,000 for publicity events in Ghana where he spent $100/night in hotels. Spent $1m and was not able to ship any product. and this same guy is a Popular guy in the Nigerian tech scamming ecosystem.

If one person out of so many did this , it is not enough to calibrate the whole tech eco system as fraud. Many good startup are about going to the stock exchange market for their IPO and this kind of news should not affect them

We all know that most "tech bros" are scammers, but we live in a country where nothing can be done because the moment anything is being done, same person who made this post will make another post accusing govt and security agencies of witch hunting youths.
We all pretend like we don't know this country.

kettykin:
If one person out of so many did this , it is not enough to calibrate the whole tech eco system as fraud. Many good startup are about going to the stock exchange market for their IPO and this kind of news should not affect them

you said if one person out of many did this.


this is not one out of many

i can list 10 cases of fraud here in the nigerian tech ecosystem.

Xisnin:
This post is based on ignorance.
It is the character of a startup sector to be unstable.
Startups go under whether through mismanagement, failed ideas or being outclassed by competitors.

I expected the OP to state how he was defrauded but I guess he is angry on behalf of someone else.

Investing in a startup is exactly like gambling.
Only an idiot will gamble their money and then turn around to accuse the operator of scam.

He claimed majority of the startups don't add value without telling us what value means.
It will an aberation for majority to add value, whatever that means because only very tiny
minority is expected to survive in the first place.

So, steer clear of tech startups if you don't understand what you are getting into.
It may be called an investment but it is more of a gamble.

this is not based out of ignorance but out of reality

i am talking about fraud, you are here trying to gaslight and dismiss the fact that fraud and fradulent people are part of the system.

even a top tech american tech company had to close its nigerian office because a Nigerian top management staff defrauded the company.

motymop:
The tech ecosystem in Nigeria is filled with scammers and Grifters who will face no consequences because they live in a country where nobody is held accountable for anything.

There have been 2 cases of financial fraud right in our eyes by these so called tech founders but none of them are in prison because the gate keepers of the ecosystem are also corrupt.

These tech bros and startup founders are good in presentation for fundraising, speak impressive English but many of them have proven that they don't know how to run a business or even bring results.

They inflate metrics and lie to investors everyday for fundraising. Every major tech business is running a 5 million dollars monthly revenue business when in reality they have no users

Another stuff is this, they are expert Grifters.

Once their business fail in fintech, they go after another trending wave like AI and get funding.

Majority of these startups never add value or provide value to the system, these startups are just grifting enterprises to fund the founder lifestyle from investors money.

How about those ones who call themselves programmers by creating half baked codes and creating intentional loopholes to steal from everyone. Scammers in suits pretending as tech bros and startup founders.

Less I forget, there are also tech bros that work for major scammers in the country, some of them work in major fintechs in the country in the morning and at night work for scammers, also they can not differentiate between what is ethical or not..

I pray that all you scamming tech bros and so called start up founders will change from your bad ways.

Your gate keepers keep encouraging your guys and destroying your tech ecosystem system because of greed, I hope you all change.

Lol😂 I remember when Sporty Bet first came about eight years ago and thousands of people lost their savings by putting their cards on the site

Nigeria is a fucking jungle

motymop:
this is not based out of ignorance but out of reality

i am talking about fraud, you are here trying to gaslight and dismiss the fact that fraud and fradulent people are part of the system.

No, you don't know what you are talking about.
If I ask for references now, you will be unable to provide any.

even a top tech american tech company had to close its nigerian office because a Nigerian top management staff defrauded the company.

You were all all over the place in your original post.
Imagine ranting about programmers who allegedly works for Yahoo boys in a post that is
supposed to be about startups.

The too big to name American tech company is not even a startup and you didn't know that!
It has to be brought it to prove a non-existent point.

Once their business fail in fintech, they go after another trending wave like AI and get funding.

BTW, the above quote is the line that gave your ignorance away.
Startup founders are not kiosk owners who give up and go home to cry after failing,
it is normal to pivot to another idea or multiple ones if the original fails.

It is either someone forced you into a space you didn't belong and you are experiencing cultural shock
or you are peeping through a window and filling in the blur images you see with imaginations..

Xisnin:
No, you don't know what you are talking about.
If I ask for references now, you will be unable to provide any.


You were all all over the place in your original post.
Imagine ranting about programmers who allegedly works for Yahoo boys in a post that is
supposed to be about startups.

The too big to name American tech company is not even a startup and you didn't know that!
It has to be brought it to prove a non-existent point.


BTW, the above quote is the line that gave your ignorance away.
Startup founders are not kiosk owners who give up and go home to cry after failing,
it is normal to pivot to another idea or multiple ones if the original fails.

It is either someone forced you into a space you didn't belong and you are experiencing cultural shock
or you are peeping through a window and filling in the blur images you see with imaginations..

1.sorry, i have to say that you are delusional, you are someone we use to call a useful idiot, even when there are evidence all over the place, they will choose not to believe it until a something crazy happens to them.

if you want reference, you can do it on your own, the internet is there for you to do your research.

2. As i said earlier, you are someone who is out of touch with reality. And i stand with my statement, some programmers in Nigeria are working with yahoo boys to create tools for scamming people. Some work for fintechs in Nigeria and create loopholes to steal funds.

3.I don't have to argue with you about anything or do you want to dismiss another case where a staff member stole almost $17m from a top e commerce firm In nigeria

4. it is you that is ignorant, i think you have been brainwash by those who preach fail early, in reality that is not how it works, Startups is all about reputation.

embezzling investors money using one trend and then jumping to another trendy stuff when you are caught just makes you look like a grifter and a scammer in the eyes of Investors. OR you think people are silly and customers do not know a fraudulent person

I think you think investors are stupid. i gave an example of a startup founder in Nigeria that stole funds and now wants to open an AI startup. in a sane system, that person will be in prison but because of the corrupt system in Nigeria, they are protected.

reputation is all about business, if you do not have a good reputation, at the end of the day, investors will stop giving you money

Startup are businesses, just like any business, if you steal, ruin your reputation, you will lose trust. thank God, tech cabal and wee tracker will publish your news and investors doing due deligence will see that and not invest in you.

A yoruba man finally admitted prostration is more important then his daughter 👏👏👏👏